25 C
Dubai
Monday, December 2, 2024
spot_img

“ADCB Divests 80% Stake in Abu Dhabi Commercial Properties”

Abu Dhabi Commercial Bank (ADCB) has strategically opted to sell an 80% stake in its property management subsidiary, Abu Dhabi Commercial Properties (ADCP), to Nine Yards Plus Holding. The Dh591 million transaction, expected to close by December 2023, aims to unlock significant value for shareholders while aligning with ADCB’s focus on core banking businesses.

Valuation and Gains: ADCP Priced at Dh591 Million, ADCB Anticipates Dh490 Million Gain

The deal values ADCP at Dh591 million, with ADCB anticipating gains of approximately Dh490 million, subject to closing conditions. This move underscores ADCB’s commitment to shareholder value and aligns with its broader strategy for sustained growth.

Post-Transaction Partnership: ADCB to Retain 20% Stake in ADCP

Following the transaction, ADCB will maintain a 20% stake in ADCP, fostering a post-transaction partnership through a long-term relationship agreement. This approach ensures continued collaboration and support for ADCP’s growth trajectory.

Leadership Perspectives: ADCB CEO and EIH’s Group CEO Express Optimism

ADCB’s Group CEO, Ala’a Eraiqat, expresses pride in building ADCP into a prominent property management services provider. EIH’s Group CEO, Ali El Gebely, shares enthusiasm about acquiring a majority stake in ADCP, emphasizing its position as a market leader in property management services in Abu Dhabi.

Strategic Impact on ADCP: Leveraging ADCB’s Strengths, Partnering with Nine Yards Plus Holding

Established in 2006, ADCP manages 51,000 units across 1,900 properties, serving landlords with a separate corporate identity. The company will continue to leverage ADCB’s financial expertise while benefiting from Nine Yards Plus Holding’s real estate acumen and growth trajectory.

Advisory Roles: Barclays Bank, Deloitte, Clifford Chance, Grant Thornton, Alvarez and Marsal, Al Tamimi & Co.

Key advisory roles were played by Barclays Bank, Deloitte, and Clifford Chance in assisting ADCB. Grant Thornton, Alvarez and Marsal, and Al Tamimi & Co. provided critical support to Nine Yards Plus on buy-side due diligence and legal matters.

This strategic move positions ADCB for continued growth in core banking activities while ensuring ADCP’s trajectory aligns with the expertise and vision of Nine Yards Plus Holding.

Also Read

“From Desert Stargazing to Astronomy Leadership: Khadija’s Evolution in Dubai”

M2P Fintech Acquires Pioneer in Transaction Behavioral Intelligence, Goals101

Related Articles

Revolutionizing Education Through Innovation The Inspiring Journey of Srijan Publishers.

In the world of education, where knowledge meets creativity, few narratives are as compelling as that of Srijan Publishers Pvt. Ltd. Founded by Mr....

EU Strengthens Financial Oversight: New Regulations to Enhance Transparency and Combat Money Laundering

EU is moving towards implementing tighter financial regulations, reflecting a growing emphasis on improving transparency and combatting illicit financial activities. This push for stricter oversight...

Gusteau Foods Transforming the Food Industry with Passion and Innovation

In a world where the demand for convenience and quality often seem at odds, Gusteau Foods Pvt Ltd, led by the visionary entrepreneur Karthick...

With an eye towards its IPO on Nasdaq and Euronext, AAD Invest Group finalizes a EUR 75 million funding agreement with Global Emerging Markets...

AAD Invest Group finalizes a EUR 75 million funding agreement with Global Emerging Markets (GEM) About AAD Invest Group – Nov 2024 Founded in January 2024...

The Banyan Tee – Merging Fandom, Innovation, and Ethics in Fan Merchandise

In an era where fan culture shapes much of our identity and lifestyle, The Banyan Tee offers a unique approach, combining sustainability with a...

Latest Articles